Savings Pots Feedback


(Marcus Nailor, Hot Coral Detective) #232

@PaulUK @mp7 @StanVee

Because we want to understand how you’re using them and make sure they work well, we’ll be rolling them out gradually. So please be patient (and please don’t message us to ask for early access! :wink:)

That’s a quote taken from this blog post:

I can appreciate the frustration here :slight_smile: I was lucky enough to get in on launch day but some of my fellow Monzo friends are still in the same boat as, seemingly, many others :stuck_out_tongue_winking_eye: They’re eagerly awaiting savings pots and I know they’ll be thrilled once that notification pops up :tada:

Monzo did state that it would be a staged rollout, granted there was no indication of precisely how long this rollout would last but there’s certainly reasons for it :slight_smile:

Once you all get the notification for savings pots I’m sure you’ll forget the wait :grin: It’s only been 8 daysafter alll :wink:


(Bruce) #233

I am definitely one of those waiting, and it’s very frustrating. But it’s the right thing.

It’s the negative side of being so open and allowing normal customers to trial new products. That those not involved feel left out. And in my case have less patcience than a lion in a zebra park.

:slight_smile:

Good things come to those who wait, or really nail it on the lottery.


#234

I don’t have £1,000 to put in a Savings Pot now. Safely parked elsewhere at 1.42%


#235

I agree with the sentiments but I do wonder how many potential savers aren’t willing to wait and have decided to deposit in alternative accounts. This is money which could have been deposited through monzo and is therefore “lost”. Anyway we need to be patient I guess. Let’s hope the wait isn’t too long!


#236

8 days could be a few pounds already!


(Richard Cook) #237

Hey everyone :wave:

Just a quick update from us about how the Savings Pots rollout is going, and a change we're making to how they work.

We've currently released Savings Pots to about 300,000 people. And we'd love to add another 200k people as soon as possible. But we need to make a small change first.

We're adding a maximum deposit limit of £250k in total across all your Savings Pots with Investec.

We need to make sure that Savings Pots are sustainable for the other companies we work with When your money’s in a Savings Pot and held by Investec, they earn interest on it by lending it out and investing it. If individual people can deposit very large amounts of money into Savings Pots, it also means they can take that money out the next day. This becomes risky for the bank, because it means one person has the power to significantly impact the amount of interest they’re earning, at very short notice.

That’s why most easy access savings accounts have a maximum amount you can deposit, and £250k is quite a common limit.

As we said when we launched, this is only just the start! Our goal is to work with a range of different banks, to offer you a choice of accounts. These will have different limits and rates, so you can choose the ones that work for you. It’ll also mean you can spread out your money to make sure it’s all protected by the FSCS.

What if I've already got a Savings Pot?

This change will apply to everyone who creates a new pot from today onwards. If you already have savings pots, the limit won’t apply to you until you create a new Savings Pot. Based on current usage, this should only affect a handful of people.


Why you can’t create new Savings Pots – for now
Making Monzo: Savings Pots
Making Monzo: Savings Pots
(Andy) #238

I wish I could be angry about this :stuck_out_tongue_closed_eyes:


#239

Yeah, I think the number of users who have too much money to put in a savings pot is a fair bit smaller than the number who don’t have enough to even open one.


#240

I’m in!

If nothing else… I apprecite the push notification when new features go live (despite the fact I won’t use it).


(Jack Stride) #241

I got this too but it still says coming soon…?


#242

Come out of Monzo app and go back in - create a savings pot and it will work. :+1:


(Jack) #243

Nice wallpaper


#244

Thanks - I stole it from someone on Reddit - The animation when coming out of apps, back to the home screen on the iPhone X is great (it kinda fades in the border - Which is an iOS thing more than anything, but it’s really effective with this background).

Try restarting your app?


(Heather) #245

Unfortunately I would have loved to have used this feature, but the 1% interest is not a draw for me. Plus £1k min to open.
Got my money elsewhere earning more.


(Bruce) #246

I reinstalled and it worked


(Bruce) #247

A bug
iOS latest stable release

Moved money from pot into current account, clicked create new pot; when I got to adding £ it showed my current accounts old balance.

I had to go back out of pots to my summary then back to create and it worked.

An ask
It would be great to setup a savings pot from another pot reducing the extra step. Realise this may be in place as pot to pot isn’t tracked.


(Jack Stride) #248

Didn’t work, had to uninstall and reinstall app. Annoying that this bug has affected a lot of people


(Chris Rimell) #249

I’ve flagged to the COps that it’s a little confusing that withdrawals show a transaction time of 15:00. As happened with me today, this wasn’t available until after this time, so it just generates confusion and unnecessary worry. Fine if it shows a transaction time, but it should be later if it can take longer to withdraw


(Chris Rimell) #251

I think you may have misunderstood me. I raised with the COps because I needed the money and thought something had gone wrong. I provided the feedback off the back of that


(Tom Cohen) #252

I’m in!
Pretty useful for me, as I always aim to keep a couple of months’ worth of expenses in my current account as an emergency fund. One day delay is not a big deal, because tapping into the fund shouldn’t be a moment’s notice thing anyways. And given that it was just laying there in a pot up to this point, 1% is pretty cool - this isn’t my investment money, so maximising return isn’t as important as accessibility and stability.